Among these investment areas, 14 belong to new industries in the market while the other nine are already existing ones, reported Emirates news agency Wam.
The identification of investment areas is part of the ‘Basic Industries’ project being implemented by ADDED’s Industrial Development Bureau, IDB, in collaboration with Abu Dhabi Investment Office (ADIO), the Department of Health – Abu Dhabi, DoH, and the Abu Dhabi Health Services Company (Seha).
Mohammed Ali Al Shorafa, Chairman of ADDED, said that the ‘Basic Industries’ project seeks to create new investment opportunities and promote self-sufficiency in the food, health, industry and energy sectors.
Al Shorafa explained that among the 23 areas identified for investment in the health sector, nine of them belong to pharmaceuticals, six of which are related to existing areas while the rest are newly emerging.
He also noted that the medical supplies and protection equipment category has five investment areas, three are new while two are already existing. For medical devices and equipment category, nine investment areas have been specified and eight of which are new ones.
He emphasised that the ‘Basic Industries’ project is important in achieving self-sufficiency in the health sector of Abu Dhabi and the UAE and among the efforts being done to accomplish this is the identification of 24 top priority medical products, including pharmaceuticals, medical equipment, and medical protection supplies.
Al Shorafa projected the initiative’s strong contribution to providing enough basic and vital products for the local market and addressing people’s needs during crises, emergencies, and disasters. It would also contribute to promoting locally manufactured products and commodities to become more competitive with imported ones, thereby increasing their market share.Moreover, it will play a key role in creating new areas for investment as well as in enhancing many of the already existing basic industries in Abu Dhabi.
Rashed Abdul Karim Al Balooshi, Undersecretary of ADDED, said that the total number of licenses issued for medical manufacturing in the emirate reached 23 licenses with an investment value of AED1.992 billion ($542 million), 10 of which are currently ‘Under Construction’ with an investment value amounting to AED932 million; while the other 13 have reached ‘Production’ status with an investment value of AED1.069 billion.
Factories that have licenses with ‘Production’ status are identified as five for the production of medical protection supplies with AED268 million as investment value; four specialized in pharmaceutical production with an investment value of AED467 million; and four factories for the production of medical devices and equipment with an investment value of AED334 million.
Al Balooshi added that the leading public and private hospitals’ annual consumption of priority healthcare related products is valued at AED5.5 billion. According to reports issued by one of the specialized companies pharmaceutical products constitute 90 percent of the total consumed products, which is equivalent to AED5 billion of the total consumption value.
Medical supplies come at second place with 6 percent. Meanwhile, medical equipment represents 4 percent of the consumed products.
Dr Tariq Bin Hendi, Director General of ADIO, said: "The new investment areas represent a wealth of new possibilities for investors and manufacturers in or looking to establish in Abu Dhabi. In particular, the thriving healthcare sector offers sizeable commercial opportunities for investors, and ADIO is here to help these companies."
"ADIO is translating the investment areas identified by the ‘Basic Industries’ project into business opportunities, connecting investors to relevant partners and supporting their expanding operations both locally and abroad. We are also conducting several feasibility studies and looking at policy reforms directly related to these areas to ensure long-term sustainable opportunities for businesses," added Bin Hendi.
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